Cyber risks are a major concern for management and boards and remain noteworthy to investors and company stakeholders. Breaches, ransomware, malware, and other attacks are increasing, and the risk curve continues to go up.
As breaches become more pervasive and threaten shutdowns of company operations, there is greater urgency for companies and auditors to be aware of and head off these risks.
At the annual AICPA CIMA Conference on Current Securities and Exchange Commission (SEC) and Public Company Accounting Oversight Board developments in December, a panel of experts shared perspectives regarding the criticality of cybersecurity risks, what the response of management and boards should be, and how proposed disclosure requirements need to be incorporated into cyber-related responsibilities.
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Software company Blackbaud agreed to pay $3 million to the Securities and Exchange Commission to settle claims it violated securities law by failing to disclose the true scope of a ransomware attack that affected 13,000 users.
Smaller reporting companies should, by default, have delayed compliance dates of at least one year on any new disclosure rule, SEC Commissioner Mark Uyeda said in a recent speech.
Healthcare organizations were under attack more than ever by cybercriminals in 2022, overtaking finance as the most breached industry, according to the latest analysis from Kroll.
Rule amendments proposed by the Public Company Accounting Oversight Board would enable the agency to penalize individual auditors more easily when their conduct is deemed to have contributed to violations by their firms.
Concerned auditors are missing the big picture when assessing a company’s internal control over financial reporting, the chief accountant at the Securities and Exchange Commission called on the profession—and company managers—to take a holistic approach to assessing risks.
The Lovesac Company disclosed it expects to restate certain of its 2023 financial statements after an internal investigation uncovered accounting errors related to its recording of last mile freight expenses.
